Planning Bill may affect house sales
Many homeowners may consider making a fast property sale before a new Bill is introduced in October.
[UKPRwire, Wed Mar 12 2008] The Planning Reform Bill will allow homeowners to extend the inside of their properties without planning permission.
It means that many potential homebuyers will choose to renovate and expand their current properties rather than purchasing a new one.
The Bill is due to come into effect in October and many homeowners may wish to make a fast property sale in order to avoid the dip in the market that could be caused by its introduction.
"The high cost of moving - because of stamp duty and lawyers' fees - means that people are looking to either go into their basement or, what is increasingly popular, get a loft conversion [in order to] add value to the property," said Brian Berry from the Federation of Master Builders.
"I think there will be a group of people who will be looking to make better use of the space they have, because obviously the housing market is slowing down considerably," he added.
Fast property sale expert Julian King says people seeking to sell their property quick will find this extremely difficult on the open market. "The costs, delays and uncertainties of selling on the open market are at their worst.
"The market continues to be poor, of particular concern are the severe lack of buyers willing to enter or progress through the market.
"Fewer buyers in the market is having a serious effect on vendors who need a quick sale. The introduction of the Bill which will limit buyers yet further will have yet another knock-on effect for homeowners".
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm. The company also provides mortgage rescue solutions like Sell and Rent Back, which allows the homeowner to sell their property, but remain living in their home as a tenant.